Real Estate Pain Is Showing Up in an Obscure Investment Product
An obscure investment product used to finance risky real estate projects is facing unprecedented stress as borrowers struggle to repay loans tied to commercial property ventures.
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An obscure investment product used to finance risky real estate projects is facing unprecedented stress as borrowers struggle to repay loans tied to commercial property ventures.
When Ken Griffin left Chicago, the billionaire listed several of his high-end properties in the Gold Coast, the city’s most exclusive neighborhood.
Vietnamese prosecutors sought the death penalty for real estate tycoon Truong My Lan, indicted in a $12 billion fraud case for her role in bribing government officials, violating bank lending rules and embezzling funds, VnExpress news website reported.
Bank of America Corp. is cutting some office space in its headquarters in Hong Kong’s Central district, according to people familiar with the matter, underscoring the headwinds for the city’s commercial landlords.
One word echoed across trading floors from Tokyo to Singapore as the Bank of Japan raised rates for the first time in 17 years — ‘finally’.
Jun 10, 2021
Bloomberg News
,(Bloomberg) -- Mortgage rates in the U.S. dipped, with the average for a 30-year loan at 2.96%.
That was down from 2.99% from last week, Freddie Mac said Thursday. Rates have been hovering right around 3% for about two months.
Historically low rates continue to give Americans an incentive to buy a home, even as many potential buyers struggle to find affordable properties. Current borrowers have been able to save money by refinancing.
The cheaper borrowing costs have fueled frenzied demand for houses during the pandemic. That’s helped push up prices as buyers compete for a dearth of available properties.
The record low for a 30-year fixed loan was 2.65%, reached in January.
©2021 Bloomberg L.P.